Football players scoring points at investors' expense

On a smaller scale, loyal football supporters with shares in their favourite British teams, have been warned that future investment gains are being threatened by rising player wages. A report by accountants Deloitte & Touche, has stressed that while the boom in popularity of football has boosted turnover to record levels at all of the top British clubs last year, that players are increasingly taking a greater share of the pie. Its survey of 20 Premier League clubs shows that combined turnover rose by 32 per cent to £455.4 million last season, while players wages increased by 35 per cent to £135 million. The accountants predict that wages are likely to continue to rise at a rapid rate in the coming years, with clubs keen to sign their top stars to longer-term pay deals. And out-of-contract players moving to new clubs on free transfers will negotiate higher pay packages.

On a brighter note, it suggests that clubs will still benefit substantially from a new £693 million four-year television deal with BSkyB. Last year, clubs' television income jumped 123 per cent on the strength of an advance on the new deal. This year there will be another big rise as BSkyB pays £152 million into the premiership's coffers.

Clubs with the highest turnovers were Manchester United, Newcastle United, Arsenal and Liverpool. Manchester United still remains the biggest earner recording turnover of £88 million double that of its nearest rival. The club made profits of £26.2 million, accounting for 30 per cent of the premiership's total of £86 million.